Coreweave signs new $4 billion deal with OpenAI, filing shows
FILE PHOTO: A screen displays the company logo for CoreWeave, Inc., Nvidia-backed cloud services provider, during the company's IPO at the Nasdaq Market, in New York City, U.S., March 28, 2025. REUTERS/Brendan McDermid/File Photo
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The Star
15 minutes ago
- The Star
Most G7 members ready to lower Russian oil price cap without US
FILE PHOTO: Russian flag with stock graph and an oil pump jack miniature model are seen in this illustration taken October 9, 2023. REUTERS/Dado Ruvic/Illustration/File photo BRUSSELS/PARIS (Reuters) -Most countries in the Group of Seven nations are prepared to go it alone and lower the G7 price cap on Russian oil even if U.S. President Donald Trump decides to opt out, four sources familiar with the matter said. G7 country leaders are due to meet on June 15-17 in Canada where they will discuss the price cap first agreed in late 2022. The cap was designed to allow Russian oil to be sold to third countries using Western insurance services provided the price was no more than $60 a barrel. The European Union and Britain have been pushing to lower the price for weeks after a fall in global oil prices made the current $60 cap nearly irrelevant. The sources, who declined to be named, said the EU and Britain are ready to lead the charge and go it alone, backed by the other European G7 countries and Canada. They said it is still unclear what the U.S. will decide, though the Europeans are pushing for a united decision at the meeting. Japan's position also remains uncertain, they said. "There is a push among European countries to reduce the oil price cap to $45 from $60. There are positive signals from Canada, Britain and possibly the Japanese. We will use the G7 to try to get the U.S. on board," one of the sources said. The White House had no immediate comment. During the G7 finance ministers meeting in the Canadian Rockies last month, U.S. Treasury Secretary Scott Bessent remained unconvinced there was a need to lower the cap, according to sources. However some U.S. Senators may endorse the idea, including Lindsay Graham, who in recent weeks told reporters he supports lowering the cap. Graham is pushing a hard-hitting new set of Russia sanctions that could impose steep tariffs on buyers of Russian oil. The EU has proposed lowering the price to $45 a barrel in its latest 18th package of sanctions. The package must have unanimity from member states in order for it to be adopted, which could take several weeks. Russia's largest export grade, Urals, trades at around a $10 a barrel discount to the Dated Brent benchmark out of Baltic ports. Brent futures have been trading below $70 a barrel since early April. Sources said Washington's buy-in was not essential to lower the cap owing to Britain's dominance in global shipping insurance, and the EU's influence on the Western rules-abiding tanker fleet. The U.S., however, does matter when it comes to dollar-denominated payments for oil and its banking system. The EU and its Western allies have been progressively cracking down on Russia's shadow fleet of tankers and related actors, which work to circumvent the cap. The pressure has started to hurt Moscow's revenues and Western allies hope this will push more of the oil trade back under the cap. Russia's state-owned oil producer Rosneft reported a 14.4% slump in profits last year. (Reporting by Julia Payne and John Irish; Additional reporting by Jarrett Renshaw in Washington; Editing by Jan Harvey)
The Star
30 minutes ago
- The Star
Micron expands US investments to $200 billion amid Trump's onshoring push
FILE PHOTO: Micron Technology's solid-state drive for data center customers is presented at a product launch event in San Francisco, U.S., October 24, 2019. REUTERS/Stephen Nellis (Reuters) -Memory chipmaker Micron Technology said on Thursday it is expanding its U.S. investments to about $200 billion, planning to dole out $150 billion for manufacturing amid President Donald Trump's push to onshore sprawling semiconductor supply chains. This marks an additional investment of $30 billion, beyond prior plans, Micron said, sending its shares down about 1% in premarket trading. Micron now joins a litany of U.S. tech firms and chipmakers who have announced hundreds of billions of dollars in domestic investments against the backdrop of Trump's efforts to produce more semiconductors on American soil. AI chip leader and Micron customer Nvidia said in April it is planning to build AI servers worth as much as $500 billion in the U.S. over the next four years with help from partners such as Taiwan's TSMC . Micron's additional investment will center around building a second leading-edge memory fab in Boise, Idaho and expanding a manufacturing facility in Manassas, Virginia. "These investments are designed to allow Micron to meet expected market demand, maintain share and support Micron's goal of producing 40% of its DRAM in the U.S," the company said, referring to a type of widely employed memory chip. Micron's investment aims to bring advanced packaging capabilities to the U.S.- a manufacturing technique essential to high bandwidth memory (HBM), which is employed extensively in the AI market, the company said. HBM is often characterized as a type of stacked DRAM technology. "Micron's investment in advanced memory manufacturing and HBM capabilities in the U.S., with support from (the) Trump administration, is an important step forward for the AI ecosystem," Nvidia CEO Jensen Huang said in a statement. The company will also dedicate about $50 billion to R&D, Micron said. (Reporting by Arsheeya Bajwa in Bengaluru; Editing by Anil D'Silva and Maju Samuel)
The Star
an hour ago
- The Star
European foreign ministers ready to toughen action against Russia
Germany's Minister of Foreign Affairs Johann Wadephul, Poland's Minister of Foreign Affairs Radoslaw Sikorski, European Union High Representative for Foreign Affairs and Security Policy Kaja Kallas, Ukraine's Foreign Minister Andrii Sybiha, Italian Foreign Minister Antonio Tajani and NATO Secretary General Mark Rutte attend a joint press conference, on the day of a meeting to discuss the latest developments in Ukraine and security in Europe, at Villa Madama in Rome, Italy, June 12, 2025. REUTERS/Guglielmo Mangiapane ROME (Reuters) -Foreign ministers from large European countries said on Thursday they were ready to step up pressure on Russia, "including through further sanctions" involving the energy and banking sector, to weaken Moscow in its war with Ukraine. The meeting in Rome involved representatives from France, Germany, Italy, Poland, Spain, Britain and the European Union. NATO Secretary General Mark Rutte and a Ukrainian representative also joined the talks. "We are determined to keep Russian sovereign assets in our jurisdictions immobilised until Russia ceases its aggression and pays for the damage it has caused," the countries said in a statement. (Reporting by Angelo Amante, editing by Gavin Jones)
